Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month. The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament, though ebbing oil output at mature fields and refinery problems towards the end of the year are likely to have crimped shipments. Asia remained PDVSA's top market last year as Venezuela has sought to diversify away from North America, though shipments to Asia clocked a roughly 8.3 percent drop to 953,000 bpd. Exports to North America fell about 4.8 percent to 837,000 bpd and those to Latin America dropped 8.5 percent to 418,000. European deliveries increased 11.9 percent to 132,000. Exports to regional allies under favorable terms dropped last year, part of a trend of Venezuela cutting back on such deliveries amid a severe economic crisis at home. Around 77,000 barrels per day were sent to key ally Cuba, the report said. It did not provide comparative data, but the figure suggests shipments to the Caribbean island have dropped significantly. Likewise, exports under regional cooperation agreements such as Petrocaribe fell to 101,000 bpd last year from around 122,000 in 2013.
State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
The European Union proposed doubling the size of its Mediterranean search and rescue operations on Monday, as the first bodies were brought ashore of some 900 people feared killed in the deadliest shipwreck while trying to reach Europe.
More than 700 migrants are feared to have drowned 'like rats in cages' on a smuggler boat because they were locked in the hold when it capsized off the Libyan and sank in the Mediterranean sea. The African migrants, who are thought to have included women and children
The Hong Kong Dockers Union has threatened industrial action - that may involve a strike - if operators continue to ignore their demand for a 8.5-percent wage increase this year. The union is an affiliate of the Confederation of Trade Unions and made their demands known at the start
Officials from the Philippine and United States armed forces participating in this year's Balikatan exercises, the largest in 15 years, insisted that the said activities will not zero in on possible response to the issue of the South China Sea.
The China's four state-run shipping-related companies are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media. The chances of mergers between China Ocean Shipping, China Shipping Container Lines
Iran's Supreme Leader Ayatollah Ali Khamenei told military commanders on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat, hardening his rhetoric before nuclear negotiations resume this week.
At high tide today at Gondan Shipyard in Figueras, the New PSV (TBN) for the Norwegian Ship-Owner, Simon Møkster Shipping, was launched. Different personalities related to the sector have attended the ceremony as well as authorities from the Ministry of Industry
Global fixture activity for suezmax crude tankers rose in the first quarter by 5% year on year, with most of the activity coming out of West Africa. Suezmax fixtures out of the Caribbean rose by 48%, most of which headed to the US Gulf and East coast Panama.
Port of Long Beach sees jump in shipments with easing of congestion Cargo surged upward in March at the Port of Long Beach with a 32 percent increase over the same month last year, making it the busiest March in the Port’s history.
Italian police arrested 15 African men suspected of throwing about a dozen Christians from a migrant boat in the Mediterranean on Thursday, as the crisis off southern Italy intensified. Forty-one more deaths were reported in a separate incident.
Year-over-year Port of Los Angeles container volumes for March rise by 17 percent; second busiest month in port’s history March containerized cargo volumes at the Port of Los Angeles increased 17.3 percent compared to the same period last year
With Italian authorities rescuing 8,500 migrants in the Mediterranean over the weekend and reports up to 400 may have died, there can be no doubt that an unprecedented summer surge in migrant sea crossings is already under way, say Italian media.
Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy pricing for the Murmansk region and zoning of marine areas. The authorities of the Murmansk region linked the successful
The Australian Navy’s future submarine project has been excluded from the country's shipbuilding review on advice from the Abbott government that the new fleet would be built offshore. The review’s final report, published on Thursday
The port of Antwerp handled a freight volume of 51,023,670 tonnes in the first three months of this year, 5.9% more than in the same period last year. The container volume experienced rapid expansion of 8.5%, while liquid bulk for its part continued to show solid growth (up 4.7%).